You are eligible to participate in the 401(k) at beginning of the month after you have completed two months of service with Woodbury and are at least 21 years of age. Simply visit The Standard’s site to get started standard.com/retirement.
These four decisions will pave your path to success:
Decide how much to save…Experts suggest saving 15% of your wages will have you on track to retire at age 65. We suggest you save what you can afford and get to 6% ASAP as that qualifies you for the full available match from Woodbury. Woodbury matches you 33% on the first 6% of each paycheck saved to the 401k! That’s up to 2% free money!
Will you pay tax on the income you save for retirement today by making ROTH contributions or in the future by making Pre-Tax contributions? Good news is you have choice and can save all Roth, all Pre-Tax or any combination of the two up to the IRS limit of $22,500 for 2O23. Those over 50 can contribute up to $30,000.
Determine how to invest your assets. You can build your own portfolio from the available investments in the plan or use the Target Date funds designed to provide you an appropriate level of risk based on your age.
Who will you list as your beneficiary? This is a separate election from any of your other benefits at Woodbury and should be kept up to date via standard.com/retirement.
There is no deadline to start saving into the 401k but we would suggest you get up to 6% as soon as possible to capture the full match and then gradually increase your contributions each year until you are saving 13%. That plus the match will have you right on track! Company contributions become yours over time. After two years of service, you own 20% of the Woodbury contributions and it goes up 20% every year. After 6 years of service, you own 100% of Woodbury contributions.
Additionally, the onedigital.com/finanical-academy is a great resource for further financial knowledge and if you are nearing retirement and have questions around your right next steps with Social Security and retirement income planning you may reach out to One Digital at [email protected] for fiduciary level advice.
Check out our 401k Home Base at venrollment.com/v/woodbury-corporation to ENROLL and for more information, timely advice and access to 1-on-1 planning sessions.